View on Market Performance - Nov 24, 2023 - Mr. Deepak Jasani - Head Retail Research, HDFC Securities

Nifty closed lower on Nov 24 in a small range (65 points) sideways move day. At close, Nifty was down 0.04% or 7.3 points at 19794.7. Volumes on the NSE were on the lower end of the recent range. Broad market indices ended marginally higher even as the advance-decline ratio closed at 1.16:1.

Global shares drifted on Friday in the absence of guidance from Wall Street, which was closed for the Thanksgiving holiday on Thursday. Investors were skeptical of whether the U.S. Federal Reserve is done with interest rate hikes that kept risk appetite in check.

Nifty closed in a narrow 29-point closing range over the last 4 days (19783-19812). This shows the tug of war between the bulls and bears. On weekly charts, Nifty gained 0.32%. Nifty has faced resistance from 19875 over the last two weeks. Hence only when this is breached, further upmove may happen. On the downside 19547 could act as a support in the near term.